BTC Final Short Term Chart

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
1266 14
BTC failed to maintain it's channel, exited 780 longs from the break of 900 and bounce back to 920's.

Holding shorts from 920/923/925 1/3rd.

1st TP (S1) Daily Pivot Support at 897 / Weekly Pivot 893 should see a bounce there before descending to 840's.

SL just above 946.9 (RR/Ratio 3+)

Chinese Exchanges Begin To Ban Non-Chinese traders deposits and withdraws plus disrupted margin trading facilities add to bearishness.

Good Luck
Comment: Target 1 Hit Taking 1/3 Profit
Comment: We can see the bounce coming in exactly where it was expected. Now we look for new resistance at 907/908/910.

Comment: Added to short at 918 covering at the weekly pivot, moving stops to break-even letting the rest run.

Comment: Caution needed here at this support level. No new shorts or longs will be added, if price bases here and moves up only a close above 940 will trigger a bigger move back into 1k+ territory. Do not want to see another leg up from here which is why all stops have been moved to break-even.

Comment: taking half at what should be the long dated trendline and final support level up here 880's. last 1/3 left of position riding.

Comment: Quick update;

For those wondering if and when to get long the trigger is above 910, if we base up here in the 880's/890's. If 910 gets retaken a larger move is brewing otherwise 840's still attract.

Trade closed manually: Last 1/3 closed manually for small gain.

Overall very profitable setup.

New Updated Medium Term Chart Tomorrow
How, what's your current assessment? Going up in direction to 910 and broke the descending triangle to the top.
BTCMarket bysteven
@bysteven, I'm patiently waiting, if 910/915 goes then I'll begin to build a long for 1k+ but trading is all about patience and timing and letting the trade come to you. I'm sitting on my last 1/3 with stops just below break-even 918.

You're looking for similar price behavior to this chart:

bysteven BTCMarket
@BTCMarket, volume is low though but it already 912.
BTCMarket bysteven
@bysteven, I'm not sure if you noticed but this is a Bitfinex chart not Bitstamp so price has not reached 912 on Bitfinex yet.
bysteven BTCMarket
@BTCMarket, true - now it is. ;)
bysteven BTCMarket
@BTCMarket, failure to get the resistance or pullback before launch - not fully clear to me.
@BTCMarket this is a solid chart. Congrats!
So you don't believe in 800ish or even 750 anymore?
BTCMarket bysteven
@bysteven, I'm not sure what you mean by 800 or 750 the last target was the 840 region. If you're asking in regards to me taking some profit it's because I don't like to let winners turn into losers. No one has a crystal ball and since my base price is 923 taking some profit in the 880's means I'm booking about 50% from my the last target. I am still holding the last 1/3 of my short but if price were to reverse for any reason from here back up I have covered a significant piece of my original short and increased my account.

Hope this answers your question.

EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out